Monetary Policy
A better way to buy private sector securities?
Central bank asset purchases can do more harm than good, writes HKU’s Bryane Michael
Fed promises to keep buying assets at current rate
Fed will hold accommodation in place for “however long it takes”, chair Jerome Powell says
Balance sheets could grow by 23% of GDP in largest advanced economies – BIS
Economists forecast balance sheets will remain large for the foreseeable future
Central bank museums grapple with lockdown
Money museums moved online to keep communicating during Covid-19 lockdown
CBDC could endanger maturity transformation – Philadelphia Fed paper
Opening central bank balance sheet to consumers could create “deposit monopolist”, research says
Bank of Uganda cuts rate and warns of lasting disruption
Central bank cuts rates and narrows target band, as impact of Covid-19 in Uganda continues
Fed makes last-minute changes to ‘Main Street’ programme
Programme will be open “soon”, despite plans to launch in May
Football stadiums to airlines: BoE reveals commercial paper holdings
Central bank has taken on exposures to a wide range of businesses – including polluters
BoE paper: narratives can help overcome ‘radical uncertainty’
Speaking directly to the public can improve analysis and communication of policy, authors find
Lane warns eurozone faces ‘substantially negative’ price pressures
Tighter financial conditions and falling inflation called for expanded QE, says ECB chief economist
Central banking enters a new era
‘Monetary financing’ and ‘buyer of last resort’ traps lie in wait
ECB expected to sharply increase PEPP purchases
Central bank could start reinvesting PEPP securities and increase supranationals’ share
Canada scales back liquidity measures
Policy-makers keep rates unchanged; new governor Tiff Macklem plays observer role on first day
DNB paper says eurozone investment-saving curve flatter in recent years
Persistently low interest rates in eurozone appear to have weakened monetary policy – researchers
US needs aggressive fiscal policy and negative rates – St Louis Fed economist
Policy response must be powerful enough to overshoot previous growth trend for a period
Bond purchases will not imperil independence – Brazilian governor
Roberto Campos Neto stresses temporary asset purchases face strict limits
What would yield curve control mean for Fed’s asset purchases?
Policy may imply shift in rationale from crisis to recovery, and potentially more volatility in purchases
RBA’s Lowe says fiscal policy must do more in the future
Governor says nations can no longer depend on monetary policy to keep inflation under control
Colombia cuts rates to record low
On-target inflation allows central bank to provide stimulus as economy faces sharp recession
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
Brazil’s governor details emergency asset purchase plans and backs extending SDR funding
Nigeria slashes rates by 100bp
Central bank thinks stimulus package can still prevent the economy from entering recession
Carstens, Jordan, Weber: respect the boundaries of fiscal and monetary policy
Axel Weber says huge US deficit could pose problems for global financial stability
Bank Indonesia criticised after direct purchase of government debt
World Bank economist warns primary market purchases could undermine confidence
Fed could exploit helicopter money with digital currency system – former officials
Simon Potter and Julia Coronado propose recession insurance bonds and Fed-backed digital currency as crisis tools